Adds shares, background Jan 14 (Reuters) - Shares of Poshma
Adds shares, background
Jan 14 (Reuters) – Shares of Poshmark Inc POSH.O soared greater than 130% of their inventory market debut on Thursday, valuing the net trend market at $7.15 billion, highlighting investor optimism for on-line procuring that has surged throughout the COVID-19 pandemic.
Shares opened at $97.5 on the Nasdaq, nicely above the preliminary public providing (IPO) value of $42 apiece. The corporate raised $277.2 million in its IPO on Wednesday.
Poshmark, whose board members embrace the likes of tennis legend Serena Williams, has debuted in per week that could possibly be the most important for brand spanking new listings in additional than 5 years, as firms search to take advantage of the strongest IPO market in 20 years.
Poshmark’s traders embrace Hollywood actor Ashton Kutcher, movie star stylist-turned-designer Rachel Zoe, funding agency SV Angel and enterprise capital agency GGV Capital, which was additionally an early backer of Chinese language e-commerce large Alibaba Group Holding Ltd 9988.HK.
Based in 2011 by 4 entrepreneurs, together with Chief Govt Officer Manish Chandra, Poshmark reported a internet revenue of $20.9 million within the first 9 months of 2020, in comparison with a internet lack of $33.9 million in the identical interval in 2019.
The corporate is a web based market for people to promote garments and equipment starting from pre-owned T-shirts to high-end boutique clothes and personal labels, permitting consumers to bid on the merchandise.
Poshmark, which has 70 million registered customers throughout the USA and Canada, has attributed its turnaround to elevated demand for items bought on its platform and a fall in advertising spend throughout the pandemic.
Morgan Stanley, Goldman Sachs & Co and Barclays are the lead underwriters for Poshmark’s providing.
(Reporting by Noor Zainab Hussain in Bengaluru; Modifying by Vinay Dwivedi)
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